We believe that the buying momentum on Optimax may have returned following its breakout above the 3-month rectangle pattern yesterday. Given that the stock has also broken out from the 1-week bullish pennant pattern, together with its rising EMAs, we expect further upside from here. A bullish bias may emerge above the RM0.80 level, with a stop-loss set at RM0.75, below the 20-day EMA. Towards the upside, the near-term resistance level is seen at RM0.90, followed by RM1.00.

Entry : RM0.80–0.81

Target : RM0.90, RM1.00

Exit : RM0.75

Source: AmInvest Research - 16 Dec 2022